How to register a business in Singapore?

[hauyoga]

Hi there,

Anyone can advise me how to register a business here. I am thinking to register my Yoga studio but do not know the procedure and also the local law, tax...

Thanks in advance

[kwekjustin]

Hi, hope I can ans ur Q

Go to www.acra.gov.sg and look for the address

think of a nature of biz, and name of Co whether a private ltd or sole proprietor

if private ltd, then after registering, u will be given a slip to open a current acct in any banks, best to be a local bank like ocbc as they give better trade facilities in future

then go back and submit to acra, wait 2 weeks for approval and voila!

if ur biz sales profit in bank acct exceeds $100k per month then u will need to pay gst, lower than that not required too

get a accountant to do ur sums before financial yr and declare taxes

maintain a healthy balance at end of each mth, and make sure adequate in & out deposit vs withdrawal in ur biz bank acct, no more than 3 return cheques

so when economy picks up, u can take up a loan with ur bank and expand biz.

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[hauyoga]

Thank you very much. Really appreciate. Have a good day